With the way it is here, if a copyright rights holder (say, a big music or movie company) were to go to torrent sites and see a whole list of IP addresses which are being used to illegally share work which they "own", then they could complain to my ISP and give them a letter requesting that my ISP takes action. Before this new law came into force, the ISP was not legally obligated to do anything about this when copyright holders complained. I think the chances of getting caught are minimal as most of the stuff I download is not produced by major record companies (I download a lot of dubstep and drum and bass) and the odd movie every couple of weeks.